Exploring the regulations and requirements

The CRS is a global standard for the automatic exchange of financial information between jurisdictions. The OECD introduced the CRS in order to combat tax evasion and to improve cross-border tax compliance. Generally, it came into effect for early adopter jurisdictions on 01 January 2016 and in late adopter jurisdictions from 01 January 2017.

Refer to our overview on CRS here

The CRS is a client tax information transparency regime that requires financial institutions to report to their local tax authority certain information regarding accounts held by individuals or entities that are tax resident in countries that have implemented the CRS. The Bank is required by law to comply with the CRS in all jurisdictions in which it operates, and where the CRS is in effect.

Compliance with the CRS may require us to collect certain documentation from you, as our client, in order to establish your country (or countries) of tax residence.

The CRS may impact your banking experience with us based on the following factors:

• The type of account you hold with us;
• The countries where you or your business has a relationship with us;
• Your country or countries of tax residence. 

You may be requested to provide us with a CRS form(s) to confirm your country (or countries) of tax residence. Further, where circumstances require, we may request additional information and documentation from you. This includes, in some cases, a new CRS form, even if you have submitted a form to us in the past. Generally, all new clients are expected to provide a CRS form to open any financial account with us.

If you do not provide a CRS form to us, we may, in certain circumstances, decline any requests for new accounts, decline to enter into any further transaction with you, and/or close your existing account(s) with us.

Where the CRS reporting obligations arise, we may be further obliged to report information regarding financial accounts held by you to the local tax authority in the jurisdiction in which the financial account is maintained. The local tax authority may then exchange this information with the tax authority of any country in which you are tax resident, in accordance with relevant laws.

FATCA is United States (US) legislation that came into effect on 1 July 2014 and that seeks to prevent tax evasion by US Persons through the use of accounts held outside the United States. FATCA requires financial institutions outside of the US to collect information about their clients’ tax status under FATCA and report annually, information on financial accounts held by US Persons to the US IRS or the relevant tax authority.

Under the FATCA provisions, we are required to collect documentation from our clients, in order to establish their FATCA tax status.

FATCA may impact your banking experience with us based on the following factors:

• The type of account you hold with the Bank;
• The countries where you or your business has a relationship with the Bank; 
• Whether you are a US Person.

Where FATCA reporting obligations arise, we may be required to report, on an annual basis, details of your financial activities and/or certain income received to the US Internal Revenue Service (IRS), and/or other relevant tax authority.

You may be requested to confirm your US tax status by submitting a FATCA form. Further, where circumstances require, we may request additional information and documentation from you. If you are requested to provide a FATCA form to establish your US tax status, please complete and submit the applicable FATCA form(s) as set out in the section ‘Download the FATCA forms’.

We may be obliged to apply a 30% withholding tax on certain US-sourced payments made to you.

Nothing on this page constitutes tax advice, but it does seek to draw attention to your responsibility in providing us with your accurate tax information. For assistance in determining your US tax status or in completing the relevant tax forms, please visit the US IRS FATCA website, or seek professional tax or legal advice.

Our compliance with FATCA in each country will be in accordance with any Intergovernmental Agreement (IGA) that a government has entered into with the United States for the purposes of FATCA and in accordance with local rules that may apply.

The US Internal Revenue Service (IRS) assigns a number to those entities that are participating in FATCA and involved in the annual reporting. This number is also referred to as a Global Intermediary Identification Number (GIIN).